The adviser register industry working group advising Treasury will meet for a second time today, with a range of contentious issues on the agenda.
The government will come a step closer to deciding the ultimate make-up and parameters of the proposed adviser register today, with heated debate on a number of agenda items likely.As reported by ifa yesterday, one of the agenda items is whether the register should include specific information about licensee ownership structures, according to an email from Treasury to members, seen by ifa.
In addition to the controversial question of ownership disclosure, Treasury’s financial services division has put forward a number of propositions open for discussion at today’s meeting. First, the working group will respond to the proposition that the register “only capture advisers who provide retail advice”, with some members of the group reportedly pushing for wholesale advice providers to be included.Secondly, Treasury proposes that the register “will not include an adviser’s education in the short term”, with some members suggesting education information would “not be relevant for consumers”.Third, members will be canvassed on whether they support a proposition to “contain the length of time an adviser has been providing Tier 1 personal advice” along with AFSL and/or authorised rep information.Fourth, Treasury proposes including “information on an adviser’s professional association membership (if any)”, with licensees to provide this informationFinally, the members will debate whether the current penalty regime for authorised reps should be extended to “the new or enhanced register” in the short term.
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